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Fitch rates BCP Raptor II loan BB-
Fitch said it assigned a first-time long-term issuer default rating of B to BCP Raptor II, LLC (Caprock Midstream Holdings, LLC) and has assigned its proposed $690 million first lien secured term loan B a aenior secured rating of BB-/RR2.
The RR2 rating indicates superior recovery, meaning that Fitch expects that term loan B will demonstrate a recovery in the 70%-90% range in the event of default. The outlook is stable.
Fitch said BCP Raptor II's ratings reflect its small size, single-basin asset profile and high growth expectations. Leverage metrics are high as of the transaction close but are anticipated to improve in line with other Fitch-rated gathering and processing credit profiles.
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